Disability Benefits
While we're working in the prime of our lives, the last thing we expect to need is disability benefits, but the scenario is far more common than we realize. In fact, over 51 million Americans -- 18% of the population -- are classified as disabled, as reported by the U.S. Census Bureau in November 2008. The National Safety Council went so far as to say that a disabling injury occurs every second and a fatal injury occurs every 4 minutes in America. Lastly, the Social Security Administration tells us that more than 50% of those receiving a social security disability benefit are under age 50. Don't think it can happen to you? Think again. The good news is that there are many places to apply for disability insurance assistance and many ways to be prepared.
One type of available disability benefits is covered by national social insurance programs. In the U.S., there are two types of federal assistance programs: Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). According to the Social Security Administration, these large "safety net" benefits kept 40% of older American recipients out of abject poverty. SSDI benefits are for those people who have worked 5 out of the last 10 years, who earn less than $980/month and who are prohibited from earning any gainful income because of a physical or mental disability. SSI benefits are for people who can demonstrate extreme financial hardship (less than $674/month) and are 65+, or are blind or disabled.
Another type of disability benefits is administered by employers, rather than the Social Security Administration. In 2008, the Departments of Labor and Commerce reported that illness and injury cost employers at least $95 billion, even though 70% of the private sector workforce had no long term disability insurance coverage. Worker's Compensation pays for workers who are injured on-the-job and covers work productivity losses, as well as related medical expenses. Short term disability insurance (several weeks to six months) covers workers who are injured or sick from something that is non-work-related but still prevents them from completing their usual job responsibilities. Long term disability insurance (1-5 years) kicks in after the temporary disability insurance expires.
The U.S. Department of Veteran Affairs offers its own disability benefits for military veterans and wounded soldiers. "The compensation is not huge," warns a Newsweek article (3/5/07). "A veteran with a disability rating of 100% gets about $2,400 a month -- more if he or she has children. A 50% rating brings in around $700 a month. But for many returning servicemen burdened with wounds, it is, initially at least, their sole income." Often these wounded warriors will wait as long as 17 months to receive disability income insurance payments. States pay varying benefits and different branches of the military pay differently as well, so there's no telling what the final compensation will be.
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